Definition
INCOTERMs are standardized terms used in international trade to define the responsibilities and liabilities of buyers and sellers involved in the transportation and delivery of goods. INCOTERMs specify who is responsible for transportation costs, insurance, customs clearance, and risk of loss or damage to the goods at each stage of the shipping process. They help clarify trade terms and minimize disputes between parties by establishing clear guidelines for the delivery of goods.
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Private Limited Company (Ltd)
A Private Limited Company (Ltd) is a type of company where the ownership is divided into shares held by a small number of shareholders. The liability of shareholders is limited to the amount unpaid on their shares, and the company’s shares cannot be traded publicly on the stock exchange.
Limited Liability Partnership (LLP)
A Limited Liability Partnership (LLP) is a business structure where partners have limited personal liability for the debts and obligations of the partnership. Each partner’s liability is limited to their investment in the LLP, and they are protected from the actions of other partners.